I haven’t done much research on Wizetrade but I am confident that it doesn’t work for the majority of investors/traders that use it and the marketing of it is unethical at best.
For those of you who have never seen an infomercial for Wizetrade it is a program that shows green boxes (indicating a buy) and red boxes (indicating a sell) as indicators of whether you should buy or sell a stock. The boxes also show a time frame for a trade. After you enter a stock you will see boxes for 1 minute, 5 minutes, 15 minutes, etc. and the boxes will be either red or green. As an example you might see a green box with 30 minutes on it which means that Wizetrade is indicating that the stock is going to go up in the next thirty minutes.
If you watch the infomercial they make it seem like all you need to do is buy a stock when the light is green and sell when it is red and you will make money. However, common sense should let most people know that investing/trading in the stock market is not that simple.
First, how does the software determine whether you should buy or sell a stock? Here is what Wizetrade’s website says: “The stock chart screen is the heart of the Wizetrade software. The Wizetrade proprietary algorithmic graphs analyze a stock’s market activity and indicates its short term and long-term upward and downward trends based on buying and selling pressure. Chart Screen analysis determines whether the trend indicator lights will be red or green.”
Basically, the software is using technical indicators to determine whether a stock should be bought or sold. If you read my last post you know that I believe most technical analysis is a bunch of nonsense, especially in an instance like this. If any trader could develop a program that could consistently make them money they would be rich. They wouldn’t have to resort to selling the program as a way to make money.
So has Wizetrade developed such a program?
First, I think the very fact that they are selling it in infomercials should tell you something. They also don’t provide documented results for their trading program.
Second, do a Google search for “Wizetrade reviews”. As you probably figured the top search results are all negative.
What bothers me the most about Wizetrade is the way it is marketed. The Wizetrade infomercials show a bunch of people claiming to make money just by using the green and red indicators in their software. They are trying to trick people into buying their software by saying it’s that simple to make money in the stock market. People who know very little about the stock market might be naïve enough to buy into this.
The developers of Wizetrade should make it clear upfront that their software is for traders and it is based on concepts that most novice investors will not be aware of. From the negative reviews I’ve read they apparently tell people this after the Wizetrade System has already been bought. They then make it difficult to get a refund.
I think Wizetrade is basically a scam and I would recommend against buying it.